WatchTalking point
Growing, but light on cash
Revenue grew 10.8% but only 0.78× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Bosch · Research view
Bosch Ltd
NSE: BOSCHLTDBSE: 500530ISIN INE323A01026Face value ₹10consolidated
₹45,600
+0.08% · 2026-10-01 · 52-wk ₹28,745–₹50,000
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
High returns, and the market pays up for them
ROE of 19.4% is well above the auto components and equipments median (10.2%), and the P/E of 56.92× is above it too (40.83×).
Importance 60 / 95 · valuation
Strength
More profitable than peers
ROE of 19.4% is well above the auto components and equipments median of 10.2%.
Importance 56 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Auto Components › Auto Components & Equipments.
- Market cap
- ₹1.35 L cr
- FY2026 revenue
- ₹20,035 cr
- FY2026 net profit
- ₹2,773 cr
- Net worth
- ₹14,845 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹940.27
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 5 auto components & equipments.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Revenue compounded at 14.2% a year over 4 years (₹11,782 → ₹20,035).
Rule REVENUE_CAGR_STRONG
- Revenue growth per year
- +14.2%over 4 years
- Revenue growth
- +10.8%vs last year
- Net profit growth
- +37.6%vs last year
- Change in net profit since FY22
- +128%
Over 4 years profit compounded at 22.8% a year while revenue compounded at 14.2% a year — though FY2024 saw a one-off step-change of 75% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Reported net profit grew 37.6% (FY2025 → FY2026), but pre-tax profit was ₹3,642 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹706 cr, down 36.7% from ₹1,116 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 36.7% vs the same quarter last year, reversing the growth seen in the two preceding quarters (+16.1% and +3.0%).
Rule QTR_TREND_REVERSAL
Watch
Q1 FY27 net profit declined 36.7% while revenue grew 22.0% vs the same quarter last year — a gap of 58.7 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,394 | — | 537 | — | 12.2% |
| Q3 FY25 | 4,466 | +6.2% | 459 | −11.5% | 10.3% |
| Q4 FY25 | 4,911 | +16.0% | 554 | −1.9% | 11.3% |
| Q1 FY26 | 4,789 | +10.9% | 1,116 | +139.4% | 23.3% |
| Q2 FY26 | 4,795 | +9.1% | 555 | +3.3% | 11.6% |
| Q3 FY26 | 4,886 | +9.4% | 533 | +16.1% | 10.9% |
| Q4 FY26 | 5,566 | +13.3% | 570 | +3.0% | 10.2% |
| Q1 FY27 | 5,842 | +22.0% | 706 | −36.7% | 12.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹21,088 crTTM
- EBITDA
- ₹3,624 crTTM
- EBIT
- ₹3,218 crTTM
- PBT
- ₹3,190 crTTM
- Net profit
- ₹2,363 crTTM
C. Corporate actions
4 Aug 2026DividendFinal Dividend - Rs. - 270.0000 — ₹270.00/share
29 Jul 2025DividendFinal Dividend - Rs. - 512.0000 — ₹512.00/share
19 Jul 2024DividendFinal Dividend - Rs. - 170.0000 — ₹170.00/share
23 Feb 2024DividendInterim Dividend - Rs. - 205.0000 — ₹205.00/share
14 Jul 2023DividendFinal Dividend - Rs. - 280.0000 — ₹280.00/share
22 Feb 2023DividendInterim Dividend - Rs. - 200.0000 — ₹200.00/share
14 Jul 2022DividendFinal Dividend - Rs. - 110.0000 — ₹110.00/share
14 Jul 2022DividendSpecial Dividend - Rs. - 100.0000 — ₹100.00/share
12 Jul 2021DividendDividend - Rs. - 115.0000 — ₹115.00/share
3 Aug 2020DividendFinal Dividend - Rs. - 105.0000 — ₹105.00/share
14 Aug 2019DividendDividend - Rs. - 105.0000 — ₹105.00/share
20 Dec 2018BuybackBuy Back of Shares
7 Jun 2018DividendDividend - Rs. - 100.0000 — ₹100.00/share
8 Jun 2017DividendFinal Dividend - Rs. - 90.0000 — ₹90.00/share
16 Feb 2017DividendInterim Dividend - Rs. - 75.0000 — ₹75.00/share
2 Sept 2016BuybackBuy Back of Shares
9 Jun 2016DividendDividend - Rs. - 85.0000 — ₹85.00/share
20 Aug 2015DividendDividend - Rs. - 85.0000 — ₹85.00/share
12 May 2014DividendDividend - Rs. - 55.0000 — ₹55.00/share
10 May 2013DividendDividend - Rs. - 60.0000 — ₹60.00/share
11 May 2012DividendDividend - Rs. - 50.0000 — ₹50.00/share
23 Jun 2011DividendSpecial Dividend - Rs. - 85.0000 — ₹85.00/share
12 May 2011DividendDividend - Rs. - 40.0000 — ₹40.00/share
13 May 2010DividendDividend - Rs. - 30.0000 — ₹30.00/share
7 May 2009DividendDividend - Rs. - 25.0000 — ₹25.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 19.4% is well above the auto components and equipments median of 10.2%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 17.5%
- 5-year range
- 15.3–17.5%
- ROE FY2026
- 19.4%
- ROCE FY2026
- 21.7%
ROE rose from 15.6% to 19.4%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹3,642) — the operating return moved less than this.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Revenue grew 10.8% but only 0.78× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 0.78×FY2026
- Free cash flow
- ₹1,864 cr
- Current ratio
- 1.96×
Free cash flow has been positive in 4 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 auto components & equipments (FY2026, consolidated).
Revenue growth
BOSCHLTD · 4th of 5 · set median 10.9%
EBITDA margin
BOSCHLTD · 2nd of 5 · set median 11.6%
Return on equity
BOSCHLTD · 1st of 5 · set median 10.2%
P/E ratio
BOSCHLTD · 4th of 5 · set median 40.8×
Context
ROE of 19.4% is well above the auto components and equipments median (10.2%), and the P/E of 56.92× is above it too (40.83×).
Rule STRONG_RETURNS_AT_PREMIUM
- P / E
- 56.9×TTM to Jun 26
- P / B
- 9.1×latest book
- P / S
- 6.4×TTM sales
- Earnings yield
- 1.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 48.5× · P/S 6.4× · ROE 19.4%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years the stock returned 33.8% a year while profit compounded at 22.8% a year — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_RAN_AHEAD · rebound
- 1-year return
- +19.0%
- 3-year return
- +139.8%
- 5-year return
- +195.2%
- From 52-wk high
- −8.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹45,864
- vs 200-day avg
- Above₹38,870
- RSI (14)
- 39.2neutral
- MACD histogram
- -454.3
- From 52-wk high
- −8.8%
- From 52-wk low
- +58.6%
- 30-day volatility
- 24.5%ann.
- 6-month return
- +51.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but light on cashRevenue grew 10.8% but only 0.78× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchProfit growingReported net profit grew 37.6% (FY2025 → FY2026), but pre-tax profit was ₹3,642 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 43
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹556 exceptional gain (15.3% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 41
- WatchReturns improvingROE rose from 15.6% to 19.4%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹3,642) — the operating return moved less than this.ROE_IMPROVED_YOY · conviction 40
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,782 | 14,929 | 16,727 | 18,087 | 20,035 |
| Total income | 12,178 | 15,403 | 17,450 | 18,901 | 20,889 |
| EBITDA | 1,853 | 2,280 | 2,817 | 3,124 | 3,504 |
| Profit before tax | 1,500 | 1,882 | 3,181 | 2,732 | 3,642 |
| Net profit | 1,218 | 1,426 | 2,491 | 2,015 | 2,773 |
| EPS (₹) | 413.1 | 483.3 | 844.7 | 683.3 | 940.3 |
| Net worth | 10,680 | 11,005 | 12,057 | 13,813 | 14,845 |
| Total debt | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | 270 | 1,214 | 1,253 | 2,373 | 2,175 |
| Free cash flow | −197 | 574 | 927 | 2,061 | 1,864 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 26.7 | 12.0 | 8.1 | 10.8 |
| Profit growth YoY | — | 17.0 | 74.8 | -19.1 | 37.6 |
| Profitability | |||||
| EBITDA margin % | 15.7 | 15.3 | 16.8 | 17.3 | 17.5 |
| Net margin % | 10.0 | 9.3 | 14.3 | 10.7 | 13.3 |
| Return on equity % | 11.4 | 13.1 | 21.6 | 15.6 | 19.4 |
| Return on capital % | 14.3 | 17.5 | 20.7 | 21.2 | 21.7 |
| Leverage & cash | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | 0.22 | 0.85 | 0.50 | 1.18 | 0.78 |
| Current ratio | 1.94 | 1.76 | 1.95 | 1.92 | 1.96 |